According to a press release, the retirement plan includes 650 workers and retirees and is about 60% funded, with $11.8 million in assets to cover $19.8 million in liabilities. The agency expects to be responsible for the entire $7.9 million shortfall.
The private sector pension insurer determined that
Best Manufacturing Inc., located in Jersey City, could
not meet its benefits payments when they were due and
that the company would be abandoning the plan after its
Best Manufacturing filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court in Newark, New Jersey in August 2006.
In February, the court approved the sale of substantially all of the company’s assets for about $35 million to Dan River Inc; however that transaction did not include the pension plan.